GBPCHF 60 MINUTE CHART - PAIR'S DAILY MOVE IS DONE!
GBPCHF 60 MINUTE CHART - PAIR'S DAILY MOVE IS DONE!
Chart Description - Thick horizontal blue line is the monthly pivot point "P" showing the true value of price for the month. The thin horizontal blue line is the monthly pivot point "R1". The red horizontal lines are yesterday and today's daily pivot points.
Analysis - Yesterday saw a news event come out explaining that Brexit may be done by the end of October. This news event drove GBPCHF way above yesterday's daily pivot point "R2". Normally once price reaches "R2" before the end of the daily trading session the move for that currency pair is done for the day and it will either continue to move sideways for the balance of the day or head back down towards "R1".
Today saw a continuation of the Brexit news event . Price started today's trading session above daily pivot point "P" indicating price started the day above its daily true value. This indicates price started the day with a bullish bias. Once the Asian trading session opened for trading this pair gained momentum as Asian traders jumped onto the Brexit news and drove this pair up to "R2" indicating GBPCHF has made its upward move for the day and the daily session is only about 2/3's complete. We should now see price either move sideways for the balance of today's trading or start to move back downward. Keep in mind that although price looks to have made a big move upward over the last 24 hours or so the major trend of this currency pair is still downward or bearish. Therefore once trader's have done their trading based on Brexit I would expect strong bearish momentum to kick back in and drive this market back downward. I will post again on this currency pair when I see a valid Short trade setup!
Chart Description - Thick horizontal blue line is the monthly pivot point "P" showing the true value of price for the month. The thin horizontal blue line is the monthly pivot point "R1". The red horizontal lines are yesterday and today's daily pivot points.
Analysis - Yesterday saw a news event come out explaining that Brexit may be done by the end of October. This news event drove GBPCHF way above yesterday's daily pivot point "R2". Normally once price reaches "R2" before the end of the daily trading session the move for that currency pair is done for the day and it will either continue to move sideways for the balance of the day or head back down towards "R1".
Today saw a continuation of the Brexit news event . Price started today's trading session above daily pivot point "P" indicating price started the day above its daily true value. This indicates price started the day with a bullish bias. Once the Asian trading session opened for trading this pair gained momentum as Asian traders jumped onto the Brexit news and drove this pair up to "R2" indicating GBPCHF has made its upward move for the day and the daily session is only about 2/3's complete. We should now see price either move sideways for the balance of today's trading or start to move back downward. Keep in mind that although price looks to have made a big move upward over the last 24 hours or so the major trend of this currency pair is still downward or bearish. Therefore once trader's have done their trading based on Brexit I would expect strong bearish momentum to kick back in and drive this market back downward. I will post again on this currency pair when I see a valid Short trade setup!